FX.co ★ Indicator analysis: Daily review on GBP/USD for January 31, 2020

Trend analysis (Fig. 1).

Today, an upward movement is possible with the target of 1.3161, the support line in a black bold line. After that, a retreating downward movement is expected with the initial target of 1.3119, the retracement level of 23.6% presented in a blue dashed line.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

The price may continue to move up today.

A downward scenario is unlikely but quite possible. That is, from the resistance line 1.3142, presented in a red bold line, work down with the target and the lower fractal at 1.2975.